DISCUSSION AND INTERPRETATION:

The purpose of Dolly Varden’s drilling, mapping and sampling during 2013 was 1) to carefully examine, while extending, Torbrit mineralization and 2) to map and measure variations in lithogeochemistry (alteration) across and beyond the Red Point and Goldbelt targets. Understanding the geological controls, the nature of the mineralized units, the geometry and structural framework, the broad lithogeochemistry and alteration signature over the area hosting the Torbrit silver-base metal mineralization is of critical importance in extending the Torbrit resource, and in targeting new silver-rich deposits nearby as well as other related VMS, exhalative and epithermal type mineralization throughout the large Dolly Varden property. Integration of these observations will also help refine the model for geophysical evaluation and targeting.

All holes in the 2013 drill program successfully intersected the target DVT horizon with an average thickness in the range of 40m. As encountered in Torbrit drilling, the ore-bearing DVT horizon is comprised of two or more stratigraphic units deposited by upwelling, hot, mineral-rich volcanic fluids that emanated from a sea floor vent, in a shallow sea environment adjacent to a fault zone. The fault zone, which acted as the conduit for fluid flow, remained active during an extended period of deposition at Torbrit. Logged units comprising the DVT horizon suggest a depositional sequence of multiple phases of interbedded volcanic and exhalative minerals (quartz, carbonate, barite), some containing significant silver sulfides, sulfosalts and base metal sulfides, deposited in layers “feathering out” from the source fault towards the east. Movement along the fault zone caused slumping and disruption of the units and “pulses” of fluid flow brecciated the resulting beds. Superposed on all of this are fine native silver veinlets cutting perpendicular across all geologic layers causing very high grade silver values. This depositional sequence is the same process responsible for formation of the Eskay Creek deposit.

It is clear from the initial and preliminary data integration and interpretation of this year’s program that a large component of the Torbrit deposit is indeed exhalative, was long-lived, and hosts a separate stage of very silver-rich hydrothermal veining. It is likely that this environment manifested similar deposits at other locales (both adjacent and stacked) in a similar depositional setting. Following the trend of the controlling structures identified at Torbrit, when combined with the geophysical modeling results from the VTEM and ZTEM airborne surveys, could well lead to the discovery of other, similar silver deposits along the well-defined “Torbrit” structural trend.

In comparison to regional and international examples of similar volcanic-exhalative deposits, the DVT Horizon exhalite is exceptionally thick and widely distributed, perhaps indicating a very large hydrothermal system on the Property, complete with a similar large-sized, seafloor hydrothermal vent system.

QA/QC and Qualified Person (QP) Pursuant to Canadian National Instrument 43-101

Diamond drill core recovery in this 2013 program was almost always 100% in the mineralized intervals. Quality control procedures consisted of insertion of blanks, duplicates and standards. All analytical results reported herein have passed the Company’s ongoing QA/QC review. All samples grading over 50 ppm silver were re-submitted and subject to metallic screen assay procedures. Due to the frequent observation of coarse native silver, all future samples will be assayed by the metallic screen process on large, one kilogram, pulverized sub-samples of each interval.

Paul McGuigan, P.Geo., Vice President – Exploration of Dolly Varden Silver Corp., who serves as a Qualified Person under National Instrument 43-101, supervised the preparation of the scientific and technical information concerning this news release. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures are provided on the Company’s website.

FORWARD-LOOKING STATEMENTS:

Certain of the statements and information in this press release constitute “forward-looking statements” or “forward-looking information”. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “believes”, “plans”, “estimates”, “intends”, “targets”, “goals”, “forecasts”, “objectives”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward looking statements or information relates to, among other things, the Company’s exploration plans for the Dolly Varden silver property and the Company’s expectations with respect to the geological features of mineralization on its properties.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the speculative nature of exploration and the stages of the Company’s properties; and that expected geological, mineral or metallurgical expectations or models may not prove to be correct. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.